The farm and farmhouse

About Me

Hi! Im a wife in my mid twenties, living on a farm in the Midwest. Just trying to make ends meet and save for our future as we remodel our old farmhouse, and stay out of debt.
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As of March 2019

Paycheck Decisions

My first paycheck should clear tomorrow, and I'm still up in the air about what to apply it towards.

Including the cash I made today from doing freelance work, I will have a total of $665 after bills.

My only current plan is to put $275 towards my EF. Which leaves a remaining $390.

There is $370 on my credit card, but it's not due until March. So I was thinking of paying $300, and putting the other $90 on the LOC. Or should I just pay it all off, and only send about $20 to the LOC? Sigh. I can never decide. What would you do?

3 Responses to “Paycheck Decisions ”

Can you step back and tell us if/how you're enjoying your career work? What did you decide for new dresser? I don't recall your plan to fund ROTH or it's allocation. I know retirement is a long long away but the sums you contribute now benefit from multi year compounding making it so much more valuable for your future.
1st, Kudos to you and DH who are managing finances so well right from the start. So many are unaware of spending pitfalls.

Sorry, more questions than answers. Would you consider using www.mint.com to track every dollar? How many pay days until CC is due? What interest will be saved by accelerating LOC? It's my habit to divide CC balance by pays [1/15, 1/30, 2/15, 2/28] for example and use the computer's calendar to remind me in 'daily events.' $42. per pay funds animal $ 1K target,
$ 20. to my 'allowance', and remainder to LOC ? Would you prefer to to designate cash from freelance work to fund Animal Fund giving those dollars a 'job?' Why not try-out a couple of systems until you find one that reduces stress and works best for you?

I'm really enjoying it! Just praying that business picks up though. We aren't making a profit yet.

I will fund my Roth for the year after the EF is done. It's in a Vanguard Target Date Fund. I do use mint. The Animal Fund is on the back burner until goat kids start getting sold. I don't need that money, it's just a cushion.

I don't really feel comfortable dividing up the credit card payment. I don't like having that much debt hanging over my head, so I usually pay it down every single payday.

I have no idea how much interest will be saved on the LOC. Something like $.50 a month on every $100 I pay down I believe.

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